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Old Dominion Freight Line, Inc.
S&P 500 Nasdaq 100
$38.1B
Market Cap
32.4
P/E
2.88
PEG
23.7%
ROCE
23.9%
ROE
0.03
D/E
24.8%
OPM
-27.6%
% from 52W High
52
α RS
🔍 ODFL is showing a high-conviction setup because it matches 16 of 39 tracked screener presets, Sector RRG has Industrials in the Improving quadrant with the trail still strengthening, and an ECS of 66.3 last quarter. Net: Broad signal stack, not a recommendation. ? Conviction RRG ECS
Sources
Conviction 16/39 · Industrials in Improving quadrant · ECS 66.3
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Currency-adjusted total returns for ODFL including FX impact
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📈 Price History
Ratio Health
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By Category
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About

Old Dominion Freight Line, Inc. operates as a less-than-truckload motor carrier in the United States and North America. The company offers regional, inter-regional, and national less-than-truckload services, as well as expedited transportation services. It also provides various value-added services, including container drayage, truckload brokerage, and supply chain consulting. In addition, the company operates fleet maintenance centers. As of December 31, 2025, it owned and operated 10,184 tractors, 30,824 linehaul trailers, and 14,313 pickup and delivery trailers. Old Dominion Freight Line, Inc. was founded in 1934 and is headquartered in Thomasville, North Carolina.

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🎙 Management Tone Confident Specific ~ Volatile 5 quarters Full tone analysis in Intelligence →
Good quarter Investor Presentation One-Pager? Q2 2026
Revenue
$1.55B
+10.4% YoY
Operating Income
$465.3M
+30.0% YoY
Operating Margin
29.9%
+4.5pp YoY
Net Income
$350.6M
+30.5% YoY
What Went Right
  • Revenue rose 10.4% to $1.55B and diluted EPS of $1.68 matched the prior company record from Q3 2022.
  • Operating ratio improved 450 bps to 70.1%, with direct operating costs improving 230 bps as a percentage of revenue.
  • Service quality remained best-in-class at 99% on-time and a 0.1% claims ratio, aided by ~1,000 lane adjustments year-to-date.
What to Watch
  • LTL tons per day were still down 4.1% YoY, reflecting shipments/day -5.7% partly offset by weight/shipment +1.7%; July tons/day is tracking ~1% below July 2025.
  • Fuel and petroleum-based operating supplies costs were higher, pressuring costs in Q2.
  • Q3 ex-fuel LTL revenue per hundredweight growth is guided down to 4.0%-4.5% from Q2's 5.5%, due to freight mix/weight-per-shipment changes.
Management Guidance
  • Q3 revenue: ~$1.52B at current July trends; ~$1.54-1.55B if growth reaches 10% for the quarter.
  • Q3 LTL revenue per hundredweight ex-fuel: +4.0%-4.5% YoY.
  • Q3 operating ratio: GAAP sequential change roughly flat to +50 bps vs Q2; normalizing Q2's $17.2M property gains, OR would rise about 150-200 bps sequentially; incremental margins on revenue growth still 45%-50%.
Investor Lens
The thesis is stronger after this call: ODFL returned to double-digit revenue growth, matched its record EPS, and delivered a 450 bps OR improvement despite LTL tonnage still below year-ago levels. Management sees an early-cycle demand inflection, tighter industry capacity, and no capacity constraints of its own, which should support market-share gains if the macro improves. The Q3 guidance points to continued momentum but with a more measured yield growth and some cost normalization, so execution and volume conversion remain key. Overall, the call reinforces ODFL's best-in-class margin trajectory and the leverage embedded in its network.
From investor presentation · AI-generated analysis · Not investment advice
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📈 STRONG Strong quarter: record-tied EPS $1.68, 450 bps OR improvement.
Revenue
Q2 revenue rose 10.4% YoY to $1.55B, with LTL services revenue up 10.3% to $1.54B and other services revenue up 19.5% to $15.1M. Growth was driven primarily by a 15.2% increase in LTL revenue per hundredweight, while LTL tons per day declined 4.1%.
Profitability
Net income increased 30.5% to $350.6M, and diluted EPS rose 32.3% to $1.68, matching the prior record from Q3 2022. Operating income grew 30.0% to $465.3M.
Margins
Operating ratio improved 450 bps to 70.1%; direct operating costs improved 230 bps as a percentage of revenue. Operating supplies and expenses rose due to higher diesel and petroleum costs, and the quarter included $17.2M of net gains on property disposals.
Balance Sheet
Cash flow from operations was $272.7M in Q2 and $646.3M in H1; Q2 CapEx was $77.0M. The company raised its 2026 CapEx plan to ~$380M and ended Q2 with $283.9M in cash; it returned $151.6M via buybacks and $60.2M in dividends during the quarter.
Key Risks
LTL volumes remain negative YoY, with July tons/day roughly 1% below prior year and Q3 yield growth guided lower on mix. Management flagged higher fuel-related costs, insurance cost inflation, and fringe-benefit headwinds, while noting potential competitor capacity strain.
Outlook
Q3 revenue is expected at ~$1.52B on current trends, or ~$1.54-1.55B if momentum pushes growth to 10%; ex-fuel LTL yield growth is guided to 4.0-4.5%. Management also raised 2026 CapEx to ~$380M and expects a 25.0% effective tax rate in Q3.
Generated by AI · Q2 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-07-29
Q2 saw 10.4% revenue growth, a 450 bps improvement in operating ratio, and EPS up 32.3% to $1.68. Broad-based volume gains, disciplined yield management, and continued investment drove results. Guidance calls for 10% Q3 revenue growth and a normalized OR increase of 150-200 bps.
Q1 2026 Q1 2026 2026-04-29
Q1 2026 saw a 2.9% revenue decline year-over-year, but sequential LTL tonnage and demand improved, with strong yield management and continued investment in capacity and workforce. Guidance anticipates sequential operating ratio improvement and cautious optimism for volume and revenue growth.
Q4 2025 Q4 2025 2026-02-04
Q4 2025 saw a 5.7% revenue decline and an increased operating ratio, but service levels and yield improved. Management is cautiously optimistic for 2026, with strong cash flow, reduced CapEx, and significant network capacity to capture future growth.
Q3 2025 Q3 2025 2025-10-29
Revenue declined 4.3% year-over-year in Q3 2025 due to lower LTL volumes, but yield improved and cost controls kept direct variable costs flat. Management expects continued revenue and tonnage pressure into early 2026, with a focus on service, technology, and disciplined pricing.
Q2 2025 Q2 2025 2025-07-30
Q2 2025 saw revenue decline 6.1% year-over-year due to lower volumes, but yields improved and service metrics remained strong. Ongoing investments and disciplined pricing position the company for future growth, though economic uncertainty and cost pressures persist.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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